The Financial Supervisory Authority notes in its annual consumer protection report, which is written on behalf of the government, that unscrupulous advice in various forms is a major risk for consumers in the financial market.
Consumers are, according to the report, to an increasing extent seeking tips and advice on personal finance and investments from so-called "finfluencers" on social media or in various AI services. Unsuitable advice is also given to consumers through more traditional channels.
Akuta risker
There are very, very few independent financial advisors out there. Almost everyone gets paid by an actor with some underlying interest, says Moa Langemark.
She notes that the risks in the financial market become more acute in the situation we are in now. Many are worried about what happens to their savings when the stock market fluctuates.
If you get bad advice, you risk burning yourself and making large losses or maybe jumping into a product that is not that good, says Moa Langemark.
Be source-critical
She recommends that consumers take in information from several different sources, google and search online, and compare. She also reminds us of the saying that if something sounds too good to be true, it probably is.
It is very important to be source-critical. That is the vaccine against several of these risks, says Moa Langemark.
According to Langemark, the risk of falling victim to fraud decreases for the source-critical, as does the risk of buying financial products that are too expensive or too complex.
Overestimating ability
She also recommends that consumers examine themselves and assess the risk they pose to their own personal finance.
That you find out who you are and realize that it is very common to overestimate one's financial ability and financial resilience and ability to withstand the interests that come with advice and proposals, says Moa Langemark.
In this year's report, the Financial Supervisory Authority points out several risks for consumers in the financial market. These are:
Unscrupulous advice in digital channels
Unscrupulous advice in traditional channels
Unhealthy lending
Fraud
Financial exclusion caused by consumers not being able to open a bank account or having existing payment accounts closed.
Source: Financial Supervisory Authority
